Do You Need Renters Insurance? The Answer Might Surprise You

apartment burglarThink you don’t need renters insurance? Think again. There are lots of reasons to get renters insurance… even if you don’t think you’ll ever need it. A lot of the reasons to buy renters insurance start with the same premise: You don’t think it could happen, until it happens to you. Don’t wait until your best-rated apartment has a fire, flood, break-in, or accident to realize that renters insurance can be a huge help financially.

Why is renters insurance important? Renters insurance will cover you if something happens in your apartment (like damage or injury) that incurs costs. The amount that is covered is determined by the kind of renters insurance you get, and every safety feature you have in your apartment (like an alarm system or a security code for entry to the building) can decrease the cost of renters insurance. That’s why choosing a best-rated apartment can be better overall for apartment life. The better security and apartment quality that comes with a best-rated apartment can ultimately allow you to pay less for your renters insurance and keep you safer.

What does renters insurance cover? Here are a few situations in which you might need renters insurance:

• If someone is accidentally injured in your apartment, renters insurance can offer liability protection. This means that you, the policyholder, are covered for any costs that are incurred, all the way up to the liability limit.

apartment fire

• You may need renters insurance if your best-rated apartment’s lease requires you have renters insurance before signing. Be sure to read your lease thoroughly and find out. Often, the landlord’s or apartment’s policy will not cover the kinds of costs that renters insurance can take care of.

• If you have a break-in and some of your belongings are stolen, renters insurance could cover the cost of the missing goods and help you replace them.

• If you leave the stove on and start a fire, you would be held responsible for repairing damages to the apartment building (depending on the level of protection your landlord’s policy provides). Renters insurance could help cover those repairs.

• If a pipe bursts and floods your apartment causing water damage to your apartment and the apartment below you, there will probably be significant damage to your and your neighbor’s belongings. Apartment renters insurance may cover the cost of both.

Have you ever needed to use your renters insurance in best-rated apartment? Find Renter’s Voice on Twitter and Facebook and tell us what you think of your renters insurance.

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